5 Payment Gateway Solutions for Indian Entrepreneurs

With the boom in the eCommerce activity Indian entrepreneurs are always looking for payment gateway solutions that can meet their requirements. Whether you are a small blogger or a big merchant you need to incorporate a payment gateway into your website.

So in this article we are giving you 5 best payment gateway solutions with great details.

What is Payment Solutions or Gateways?

Before you read the list of payment gateway solutions you need to know what payment gateways are. Payment Gateway or solution is basically a middleman between an entrepreneur’s or merchant’s website and the bank.

Payment gateway authorizes the credit cards and other forms of electronic payments.

The working process is very simple. Whenever a customer coming on to your website makes a payment, the website sends encrypted credit card details to the payment gateway.

The payment gateway processes all the details and confirms the validity with the bank and finally money is transferred from the customer’s account to the merchant’s account.

The entire process is very simple.

Importance of Choosing a Right Payment Solution

If you are a blogger or a merchant then it is very important choosing a right payment solution. You have to keep in the mind that the payment gateway that you are going to incorporate in your website not only seamlessly integrates but also very safe with money transactions.

You must be able to always trust the safety and security of a payment gateway because you are dealing with your customer’s credit card details and other sensitive information.

Moreover all the payment gateways charge a fee for each transaction. So you have to choose a solution with very low transaction fees and also it must suit your business model.

For example a small blogger with lower transactions each day would prefer a payment solution different than a merchant with higher amount of transactions each day.

5 Best Payment Solutions for Indian Entrepreneurs

Here are the 5 best payment solutions for Indian entrepreneurs.

#1. InstaMojo

The best payment solution for Indian entrepreneurs is InstaMojo. We are going to talk about InstaMojo in great details than any other payment solution.

Sign Up Process

The InstaMojo sign up process is hassle free. You just have to give your email ID, phone number, password and create an account. You also need some other details to complete the registration.

Choose Individual for Business Type, then describe your product or service, fill other particulars and move on to next step.

You have to choose an amount for average transaction and number of transactions each month.

In the next step is, fill your PAN card and other bank details.

You also need to upload a scan copy of the latest bank statement along with the front page of the passbook.

You got to be honest while giving all your information especially bank account and PAN card number.

That’s it, you are done and the account is complete. The entire process is so easy.

Transaction Fees

InstaMojo charges 1.9% of every transaction made. Plus they also charge a small service tax.

The set up fee for the Popular Plan is Rs 0/-. However they do charge annual maintenance fee of Rs 1200/-

Privilege Plan

For Credit Cards transaction it will charge 2.25% flat

For American and JCB Cards transaction fee is 3.6%

For Debit cards transaction fee is 1.25% flat

For Net Banking transaction fee 2.5% flat

Cash Cards transaction fee is 3.6%

The set up fee for the Privilege Plan is Rs 30,000/- and the annual maintenance fee of Rs 3600/-

Merchant with higher transactions should go for Privilege Plan.

#3. PayU India

Third Payment solution is PayU India. PayU India accepts all major credit cards like MasterCard, Visa etc, Debit Cards of over 50 banks and net banking for major banks like SBI, HDFC, ICICI and Axis Bank etc.

Fee Structure

For set up PayU India charges between Rs 6000/- to Rs 36,000 depending upon the plan. For economy plan set up is Rs 6000/-, for silver plan Rs 12,000/-, for gold plan Rs 24,000/- and for platinum plan Rs 36,000/-.